A record number of foreclosures has affected our friends and neighbors all across our state. And though the market is slowly improving, the housing crisis is far from over. As we head into 2012, the Arizona Legislature should still be working to assist homeowners in holding on to their properties and avoiding foreclosures. It's good for them, it's good for the banks and it's good for our economy.
Instead, we have "tea party" Rep. Jack Harper, R-Surprise, introducing a bill that would require Arizona's middle-class families to bail out the banks, again. It's even more shocking when you consider his hometown is one of those hit the hardest in the housing crisis.
Harper wants to give complete power to banks. He wants to force homeowners to pay banks for any remaining values on foreclosure properties, even if the loans were made under deceptive or illegal conditions.
Harper clearly has his priorities in the wrong place.
No one should walk away from their mortgage, but hard-working families and individuals shouldn't be penalized for being victims of predatory lending practices and tough economic times.
Instead of demonizing our neighbors facing foreclosure, we should be working to help keep people in their houses. Instead of bailing out the banks again, we should be prosecuting those who engaged in fraudulent and predatory lending.
But the tea party, which controls the state Legislature, refuses to work with anyone and risk breaking its rigid ideologies to make improvements for Arizona's families.
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